Dana Gas “Breached Confidentiality, Owes KRG”

Rudaw reports that the KRG’s Minister of Natural Resources, Ashti Hawrami (pictured), has dismissed as “inaccurate and misleading” claims by Dana Gas that the KRG owes the company millions of dollars in overdue payments.

In a letter sent to Dana Gas managing director, Majid Hamid Jafar, he said:

“The statements made in the press briefing are materially inaccurate and incomplete … The KRG does not owe Dana Gas the sum referenced or any other sum, and the statement that the sums are ‘overdue’ from the KRG is inaccurate and misleading to investors.”

A Reuters report in September said that the KRG owed Dana Gas $380-390 million in payments in return for fuel, causing it to become the first United Arab Emirates company to miss a bond redemption when it matured late last year.

Hawrami added that the company’s action is “a breach of confidentiality duties owed by Dana Gas to the KRG … The ongoing breaches of the commitments owed by Dana Gas and its affiliates to the KRG have resulted in significant (and increasing) damage to the KRG“.

An MP from the PUK claims, however, that Dana Gas owes compensation to the Kurdish government.